Bitcoin (BTC) Price Prediction – April 11
The bears appear to have had the upper hand as the market reaches a low of $6,800. A downward move will resume if the $6,800 support cracks.
Key Levels:
Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000
As BTC/USD pair makes a downward move, the price will break below the resistance line, the 12-day and 26 -day EMA. The possibility of a downward move will increase once price is below the EMAs. Bitcoin will drop to the first support level at $6,400. Nonetheless, if the $6,400 support cracks, the downward move will extend to the low of $5, 900.
However, if the selling pressure is exhausted above the breakout level of $6,400, Bitcoin will resume its upward move to the previous highs. Presently, Bitcoin is at level 48 of the Relative Strength Index period 14. This implies that Bitcoin is in the downtrend zone and below the centerline 50. Bitcoin intends to fall as per the indicator.
BTC/USD Medium-term Trend: Ranging (4-Hour Chart)
On the 4 hour chart, the market is consolidating above $6,800 support. There are bearish signals as the market consolidates. Bitcoin is below 20% range of the daily stochastic. Meanwhile, the stochastic bands are pointing downwards indicating a downward movement of price. Below the bullish trend line, we have the bearish candlesticks pointing downward confirming a change in the trend. Nonetheless, if the bulls fail to hold the downward move, BTC will sink.
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